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The acquisition of land is one of the most profitable options for buying property in Spain. Whether you want to buy a villa in Spain or invest in a land plot, Spain-Real.Estate website will be at your service.
The price depends on many factors: autonomous community, province, city, remoteness of the site, etc., but the type of plot plays a key role.
In Benidorm, the minimum price per square meter is EUR 140, in Torrevieja, it is EUR 255, and in Alicante, it is EUR 345.
- The purchase of a plot by the sea within the 150-meter coastal strip is prohibited, since it, according to the Law on the Shores, is owned by the state.
- The construction of residential buildings is permitted only on sites specially intended for buildings.
All plots in the Spanish cadaster are divided by purpose into the following three groups:
- Urban lands – intended for development and have the necessary communications for capital construction (water supply, sewerage, electricity). The sites of this group are located within the city.
- Urbanized land is intended for capital construction. Unlike urban areas, urbanized ones are located not only within the city but also in the suburbs and villages.
- Agricultural land is intended for growing crops or grazing livestock. This category includes protected areas, parks, and squares. The construction of capital buildings on it in Spain is prohibited.
Although construction of houses is allowed on urban and urbanized plots, a building permit must be obtained from the municipal administration where the site is registered before starting work. The permit is issued based on a finished design of the building, subject to the requirements of the city authorities.
Taxes on the purchase of land in Spain
The purchase of a land plot in Spain with project documentation for the construction of a house is subject to VAT at a rate of 8% to 12%, depending on the region of the country. If the plot is purchased without a ready-made construction project and the construction of the facility is not planned within a year, the amount of VAT on land is 18%–21%.
About the acquiring procedure
The scheme for registration of land ownership is no different from the procedure for buying property in Spain. To complete the transaction, the buyer will need a valid foreign passport, based on which an individual NIE foreigner number is issued at the police station. All settlements with the seller and the state are carried out from an account in a Spanish bank, which must be opened in advance.
Initially, a preliminary contract is drawn up with the buyer making a deposit. The execution of the main contract takes place in the notary’s office in the presence of the parties to the transaction or their legal representatives. At the final stage, the bill of sale certified by a notary is registered in the State Register of Real Estate Registro de Propiedad, and all taxes and fees are paid.
Real estate in Spain
Spain-Real.Estate website specialists will help you with every stage of the deal of obtaining property or land in any region of Spain. Go over to the website and have a look at the current offers.
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